SUCCESS STORY
USA Mutuals is a financial services company offering various mutual funds and investment products. They aim to provide investors with opportunities for growth and income through a diversified portfolio of investments. The company focuses on delivering competitive returns while managing risk and offers various funds that cater to different investment objectives.
USA Mutuals faced significant challenges in accurately calculating and managing complex commission structures, including time-based clawback logic. They also increased their commission rate last year, making calculations difficult on spreadsheets and leading to inefficiencies.
We automated calculations, and they are 3x faster on ElevateHQ than on spreadsheets. Before, a significant amount was invested in tweaking formulas on spreadsheets and cross-checking.
Here's what troubled them the most:
Applying different basis points depending on the trade date, as well as handling clawbacks for withdrawals, was complex to manage on spreadsheets, increasing the risk of errors, especially when formulas are manually entered or adjusted.
As the number of trades and wholesalers grew, the spreadsheet approach became less efficient and more time-consuming. Large volumes of data can slow down performance, making it difficult to manage commission calculations promptly.
We set up their intricate clawback process based on trade on our plan designer to automate calculations. Our software now calculates it 5x faster than spreadsheets and updates the commission statement monthly with 0 errors.
Reps see their commission statements when they are released every month and raise a query within the software in case of any discrepancy. They also use the commission simulator to predict their earnings.
They no longer need to check an employee's rate start date, end date, and billing rate from spreadsheets.
We helped them with data normalization on their data source and created a streamlined process for commission management.
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